Tax Preparation Checklist: What Do You Need To File Your Taxes?




People often view tax filing as a voluntary task, thereby, skipping it as an unnecessary or burdensome process.  The reality is that filing tax returns is one of the essential contributions towards society and government. Tax filing is an annual legal activity, more as a moral duty of every citizen of the country towards the government. Tax deducted from an individual is further utilized for public development initiative that helps a country to leverage its economy. With help of tax returns, government ascertains the means of expenditure of every citizen and provides them with a platform to claim refund and tax deductions for the same.

Whether you are planning to hire a professional to file your taxes or taking charge of your own taxes, it is important to prepare all the relevant papers and get the documents ready before filing taxes. Here’s a tax prep checklist of the basic documents, forms, and records that you will require to file your taxes properly:-

Personal Information
Personal information gives a brief description of the person who’s filing the tax return and account details to deposit the refund. The personal information must include:-
  • Social Security or Tax ID numbers
  • Your dates of birth, along with your spouse’s, and dependents
  • Copies of previous tax returns
  • Bank account number or routing number (if your refund has to be directly submitted to the account)

Income and Investment Information
Following is the list of forms and statement that you need to occupy to exhibit your income and investment details during filing tax returns:-
  • Form W-2 Wage and Tax Statement: A form that showcases your earned income and how much is withheld for taxes.
  • Bank or Financial Institution Statements: All the necessary records that state all your current debts and income.
  • Last Years’ State Refund Amount: In order to avail deductions, it is important to show your previous year’s refund statement.


  • Other Miscellaneous Income Records: Other records and documents can include, award money, gambling winning, lottery payouts, etc.,
  • Form 1099s: There are plenty of forms to showcase your income information. it is important to understand which among them is suitable for you. Some of the major forms are:-
·         1099-C: Cancellation of Debts
·         1099-G: Unemployment income
·         1099-S: income from the sale of property
·         SSA-1099: Social security benefit
·         1099-K: Third party transaction
·         1099-R: Distribution from a retirement plan

Self Employment and Business Records
If your income generated via business or self-employment ventures. Following records are essential to file your returns:-
  • Business Expense Records: All receipts, credit card statements, records of checks related to business transactions
  • Mileage Records: To get travel deductions, you need to present the record of total miles driven regarding work purposes.
  • Quarterly Estimated Tax Payment: A receipt of tax bill paid in  
  • Home Office Expenses: To avail home office deductions, it is essential to present home-related expenses such as utilities and mortgage.

Medical Expense Receipts and Records
In order to avail deduction related to medical expenses, it is essential to prepare the following medical receipt:-
  • Receipts For Unreimbursed Medical Expenses: These records include, tests, surgeries and preventive care. It can also include the expenses incurred on buying braces, glasses, hearing aids, prescriptions, etc.
  • Form 1095: It is a form covered under health insurance coverage forms.
  • Social Security Benefits: An SSA-2099 form showing the total amount of medical benefits you received in a particular financial year.

Charitable Donations
If you have planned to avail tax deductions for donations made to charity, it is important to back up your tax returns with necessary receipts showing the date, value and the name of the charitable organization.

To make your tax filing process easier and quicker it is imperative to gather all the relevant records in order to avoid the last minute hassle. Be a smart taxpayer by preparing your tax documents checklist prior to filing your taxes.

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